Risk Management Service Inc. (RMS) estimates $25 billion to $35 billion in onshore and offshore insured losses in the Gulf of Mexico alone were caused by Hurricane Ida. This doesn’t include the damage to other parts of the country. While the fundamentals of hurricanes are widely understood these days, there remain several important nuances to hurricane losses that are essential to understand for insurers, regulators, and the general public alike. Here we will look at one less understood type of claim from hurricanes – slab claims.
Flood insurance has long been primarily administered by the National Flood Insurance Program (NFIP), which has 5.1 million policies in force. But the landscape for flood insurance – and who needs it – is changing. This was the topic of an AM Best webinar that included Linda Jancik, AAIS Personal Lines Product Manager, Serena Garrahan, Vice President, Inland Flood Product Manager at Munich Re US, and Rob Olson, Senior Research Analyst at International Risk Management Institute (IRMI).
Imagine this: You’re working from home, like many others during the COVID-19 pandemic. Your children are also home, remote learning. One of your kids falls prey to malware, infecting your entire network with a virus. Your at-home business’s website is shut down for eight hours. You sigh a breath of relief, thankful that your insurance will cover the costs… or does it?
With an increasing number of employees working from home, there has also been an alarming increase in personal and professional cybercrime exposure. At the September 2020 AAIS Pulse, AAIS Personal Lines Product Manager Linda Jancik hosted a panel of cyber-focused leaders, including CyberScout’s Eric Warbasse and Berkley Re Solutions’ Jeff Cron and Chris Ellis to discuss the rise of cyber threats, future predictions, and how carriers can protect their customers from emerging digital exposures.
As today’s families fall asleep at night, they rest assured that they are protected from home perils. When thinking about keeping our homes safe, many think of the standard home perils: fire, floods, and burglary. However, as we delve further into the age of technology, many people forget that their homes are susceptible to more than physical perils. Danger can lurk within their phones, computers, and other IoT devices.
Advancements in technology have brought great strength to home security systems, transforming what we once considered an average house into a modern smart home.
With more than $22 billion in losses recorded annually, fire insurance is burning a hole in the insurance industry’s proverbial pocket. Having used the same approach to assessing public fire protection (PFP) risk for the past 30 years, insurers have failed to evaluate the impact it has on overall loss cost.
Our houses are more than buildings; with the advances in smart home technology, they’re becoming technology centers, all focused on keeping us healthy, safe and protected. It’s an exciting advancement in the personal lines industry – but where should insurers focus their efforts, and how can they keep up with the rapid changes in home technology?